For all assets (stocks, mutual funds, ETFs, SMA, bonds), Kwanti presents total return including both income and appreciation. Dividends are assumed reinvested unless specified otherwise.
Kwanti uses time-weighted return (TWR) with daily valuation for portfolio returns. This method removes the effect of cash flows and is recommended by GIPS  (Global Investment Performance Standards) for portfolio returns.
The Distribution Rate is calculated as the sum of the 12 trailing months distributions (excluding capital gains) divided by the most recent asset value.
TWR compared to IRR
Kwanti uses TWR for portfolio return calculation because this calculation eliminates the effect of cash flows (deposits and withdrawals) that the advisor has no control over. This is the best measure of the advisor's performance, because it reflects the advisor's choices.
IRR (Internal Rate of Return) is another common performance calculation. IRR measures the growth of the portfolio in absolute terms, but will be affected by the size and timing of cash flows. This may be useful to measure if a portfolio is growing fast enough to meet a goal, but does not reflect the skill of the advisor.
Expenses and fees
Funds (mutual funds, ETFs) returns are net of the fund operations expenses: management fees, distribution (12b-1) fees.
If advisor fees are specified in the hypothetical simulations, the portfolio returns are presented net of advisory fees.
Returns for periods longer than one year are presented in both annualized and non-annualized forms. Returns for periods less than one year are not annualized.
 GIPS® standards: https://www.gipsstandards.org